[Democrat challenger Jim] Martin's surge in the polls coincided with Mr. Chambliss' support earlier this month of the Bush administration's $700 billion Wall Street bailout package. "That's when things started to fall apart for him," said University of Georgia political science professor Charles Bullock.

Please note that the collapse of support for Chambliss is not because Georgia suddenly became "progressive." It isn't because his Democratic opponent is charismatic or has a brilliant campaign strategy. It is solely because Chambliss supported the bailout. When people try to figure out what went wrong in 2008, they should not neglect the fact that the big-government approach to the financial crisis was overhwelmingly unpopular. Libertarian populism, anyone?

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